MKT 100 Lecture Notes - Lecture 8: Frito-Lay, Test Market, Brainstorming

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Martin Pyle

Document Summary

New product introduction: pioneers radically change competition and consumer preferences. Innovators: who want to be the first to have the new product or service: early adopters: ge(cid:374)erally do(cid:374)"t like to take as (cid:373)uch risk as i(cid:374)(cid:374)ovators, early majority: tend to wait until bugs are worked out. Late majority: the last group of buyers to enter a new product market. Laggards: consumers who like to avoid change and rely on traditional products until they are no longer available. Complexity/trialabilty: the more complex the product the longer it takes to diffuse, products that can be sampled will diffuse faster, idea generation: Internal r&d: high product development costs, often the source of technological products, often the source of breakthrough products i. e. mcdonald"s angus burger. Licensing: firms purchase the rights to technology or ideas from other research-intensive firms, university research centers also often provide such licenses i. e. pharmaceutical firms license products developed by biotechnology firms.